Power Nickel Inc (TSX-V:PNPN) has reported promising initial observations from its follow-up drilling at the Wildcat area, which is located five kilometers northeast of its main Nisk nickel-copper-platinum group elements deposit in Quebec, Canada.
The discovery hole on which the company is following up returned more than one ounce per ton of combined platinum and palladium over 7.75 meters, Power Nickel highlighted.
The company said on Wednesday that drilling at Wildcat has intersected the anticipated mineralized zone with five additional holes.
If confirmed by assay results, Power Nickel said expects this to extend the mineralized zone to a minimum of 300 meters below surface and 200 meters laterally, remaining open in all directions.
"Near-surface, one ounce per tonne discovery hole, now multiple extensions to this discovery south, west, and east, and visible showings several times larger than this discovery hole, open in all directions. If that doesn't get your blood pumping as a miner, I don't know what will!” Power Nickel CEO Terry Lynch commented.
“Yes, we need to wait for assays but in our view, this is a material news release.”
Power Nickel vice president exploration Kenneth Williamson added that the company chose to focus aggressively on this target after making “very encouraging” observations in the first two follow-up holes.
“We expect to receive assay results in April. In the meantime, we are ‘crunching’ the new information and preparing additional drilling targets to test the east, west and vertical extensions,” Williamson said.
“If the grade is maintained, these holes will deliver an exciting addition of very valuable platinum group elements mineralization to our current mineral resource estimate, which is planned to be updated in H2 2024.”
Power Nickel is a Canadian junior exploration company focusing on developing the high-grade Nisk project into Canada's first carbon-neutral nickel mine.